Market Size of Europe Watch Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 5.31 % |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Europe Watch Market Analysis
The Europe watch market was valued at USD 26.19 billion for the current year and is projected to register a CAGR of 5.31% over the next five years.
- One of the key factors propelling the market is the rising propensity of individuals to wear expensive watches as a status symbol. Also, limited edition timepieces with various designs and functions that are being introduced by manufacturers offering an affordable range of looks are attracting customers, thus boosting sales. For instance, in May 2022, Italian titans Bvlgari and Ducati unveiled the Aluminium Ducati Special Edition, limited to 1000 pieces. Additionally, most first-time watch buyers in the area are seen to choose premium models. They typically develop brand loyalty because of this, so they do not mind shelling out more money. Due to the degree of tourist purchases and brand loyalty in nations like the United Kingdom, the market is anticipated to have a substantial prevalence in luxury watches, which is predicted to have a considerable market share.
- Moreover, across countries like Germany, the demand for mid-quartz analog watches is likely to be high, primarily due to shifting consumer focus toward more fashion-oriented watches. Brands like Casio and Timex are continuously investing in R&D for product innovations to blend some of the features of smartwatches with the long-lasting battery life of digital watches while offering the product in attractive designs and affordable prices. Similarly, lower-priced and mid-priced watches are increasingly gaining market traction due to increasing demand for 'value-for-product' watches and accessories among women. In line with this growing demand, manufacturers in the market plan their launches accordingly to meet customers' needs at the most affordable price. For instance, in February 2022, Oppo announced launching the Watch Free to Europe, a smartwatch introduced in China last September. It claims this is the most affordable watch, including several smart features like an optical heart rate sensor that supports 24-hour monitoring. Oppo claims that it has also included a SpO2 sensor for blood oxygen monitoring, along with more than 100 sports modes and 40 watch faces. Such developments in the region are expected to boost the market's growth at a faster pace during the forecast period.
Europe Watch Industry Segmentation
A watch is a small, wearable timepiece that may be carried around. It is made to maintain a constant motion despite any motions brought on by the person's activities.
The scope of the European watch market includes segmentation of the market based on type, end users, distribution channel, and country. Based on type, the market is segmented under analog watches and digital watches. By end users, the market is segmented under women, men, and unisex. Further segmentation under the distribution channels includes online retail stores and offline retail stores. By country, the market is segmented into the United Kingdom, Germany, Spain, Italy, Russia, France, Switzerland, and the Rest of Europe.
The market sizing has been done in value terms in USD for all the abovementioned segments.
Type | |
Analogue Watch | |
Digital Watch |
End Users | |
Women | |
Men | |
Unisex |
Distribution Channel | |
Offline Retail Stores | |
Online Retail Stores |
Country | |
Spain | |
United Kingdom | |
Germany | |
France | |
Italy | |
Russia | |
Switzerland | |
Rest of Europe |
Europe Watch Market Size Summary
The European watch market is experiencing a dynamic shift, driven by a growing inclination towards luxury timepieces as status symbols and the introduction of limited edition models by manufacturers. This trend is particularly evident in countries like the United Kingdom, where brand loyalty and tourist purchases contribute to a significant market presence for luxury watches. The demand for mid-quartz analog watches is also on the rise, especially in Germany, as consumers increasingly seek fashion-oriented options. Brands such as Casio and Timex are innovating by blending smartwatch features with the durability of digital watches, catering to a market that values both style and functionality. The introduction of affordable smartwatches with advanced features, like those from Oppo, is further propelling market growth, meeting the needs of cost-conscious consumers seeking value-for-money products.
The market is also influenced by demographic trends, with a significant portion of the population aged between 40 and 70 years old, who are increasingly engaging in outdoor activities and seeking smart wearables for health monitoring. This age group, particularly in countries like Germany, is driving demand for smartwatches that offer health-related features such as heart rate and blood oxygen monitoring. Additionally, millennials and sports enthusiasts are contributing to the market's expansion, with companies like Huawei launching products tailored to extreme sports enthusiasts. The integration of haptic technology in smartwatches is enhancing their appeal, reducing the need for smartphones, and driving market growth. European watch manufacturers are investing in innovative features and leveraging government support to enhance their product offerings, ensuring competitiveness in a moderately fragmented market dominated by key players like Rolex, Citizen Watch, and Fossil Group.
Europe Watch Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Blending Adventure Sports With Smarter Wearables
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1.1.2 The Preference for Luxury Time
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1.2 Market Restraints
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1.2.1 Increased Prevalence of Counterfeit Products
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Analogue Watch
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2.1.2 Digital Watch
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2.2 End Users
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2.2.1 Women
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2.2.2 Men
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2.2.3 Unisex
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2.3 Distribution Channel
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2.3.1 Offline Retail Stores
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2.3.2 Online Retail Stores
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2.4 Country
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2.4.1 Spain
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2.4.2 United Kingdom
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2.4.3 Germany
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2.4.4 France
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2.4.5 Italy
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2.4.6 Russia
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2.4.7 Switzerland
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2.4.8 Rest of Europe
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Europe Watch Market Size FAQs
What is the current Europe Watch Market size?
The Europe Watch Market is projected to register a CAGR of 5.31% during the forecast period (2024-2029)
Who are the key players in Europe Watch Market?
Rolex SA, Compagnie Financire Richemont SA, Citizen Watch Co. Ltd, The Swatch Group Ltd and Fossil Group Inc. are the major companies operating in the Europe Watch Market.